Вітчизняна модель корпоративного управління: інституційно-еволюційний аналіз

Виявлено інституційні бар'єри ефективного розвитку вітчизняної моделі корпоративного управління та визначено стратегічні пріоритети вдосконалення системи реалізації та захисту інтересів учасників корпоративних відносин у відповідності до вимог міжнародних стандартів та з урахуванням впливу історично сформованого інституційного середовища.

Ключові слова: корпорація, корпоративне управління, аутсайдерська та інсайдерська моделі корпоративного управління, інституційно-еволюційний аналіз, права акціонерів, заінтересовані особи, корпоративна теорія, корпоративна соціальна відповідальність, міжнародні стандарти корпоративного управління, інститут, транспарентність бізнесу.

АННОТАЦИЯ

Супрун Н.А. Отечественная модель корпоративного управления: институционально-эволюционный анализ. - Рукопись.

Диссертация на соискание ученой степени доктора экономических наук по специальности: 08.00.01 - Экономическая теория и история экономической мысли. - ГВУЗ «Киевский национальный университет имени Вадима Гетьмана». - Киев, 2010.

Диссертация посвящена комплексному исследованию основных факторов, закономерностей и институциональных детерминант эволюции отечественной модели корпоративного управления в хронологических рамках ХІХ - начала ХХІ вв. Обоснована важная роль институционально-эволюционной методологи в исследовании процесса исторического развития данной модели. Проанализирована роль научных концепций корпоративизма как фактора развития института корпоративного управления и теоретического фундамента формирования соответствующих международных стандартов.

Выявлены институциональные барьеры эффективного развития отечественной модели корпоративного управления и определены стратегические приоритеты усовершенствования системы реализации и защиты интересов участников корпоративных отношений в соответствии с требованиями международных стандартов и с учетом влияния исторически сформированной институциональной среды.

Ключевые слова: корпорация, корпоративное управление, аутсайдерская и инсайдерская модели корпоративного управления, институционально-эволюционный анализ, права акционеров, заинтересованные лица, корпоративная теория, корпоративная социальная ответственность, международные стандарты корпоративного управления, институт, транспарентность бизнеса.

ANNOTATION

Suprun N.A. National model of corporate governance: institutional and evolutional analysis. - Manuscript.

Dissertation for the Academic Degree of Doctor of Economic Sciences in the specialty: 08.00.01 - Economic Theory and History of Economic Thought. - SHEE «Vadym Hetman Kyiv National Economic University».- Kyiv, 2010.

The dissertation is devoted to major factors, significant patterns and institutional determinants of the evolution of national model of corporate governance. The scientific research proved a decisive role of institutional-evolutionary methodology in the study of the historical development of the national model of corporate governance.

There were provided the research of the institutional content of such categories as «corporate governance», «model of corporate governance», «stakeholders» and justified the relevance to its application for study the effectiveness of implementation of the economic interests of participants of corporate relations. Also we analyzed the institutional content of the theoretical structure that can be called «national model of corporate governance».

We defined the essential characteristics of corporate organizations and trends in their modifications during the process of historical evolution: the growth of independency of company's property from the property of participants, updated the concept of limitation of liability of participants, the gradual abandonment of personal involvement in the conduct of affairs of the company; the growing gap between capital as a property and capital as a function, the decreasing level of personalized control. Such properties identified the necessity for implementation the mechanism of reconciling the interests of owners and managers - corporate governance.

In the study there were distinguished objective and subjective economic contradictions that define the features of internal organizational structure of corporations. We determined the historical conditions and factors of development of institutional mechanisms for coordination the interests and control in corporate governance. Also we introduced the research of submodels, which are presented by different structure of share ownership that defines the appropriate type of corporate control (consolidated, parity, insider, outsider, etc.).

It has been done the separation of terms «corporate governance» and «corporate management». The main task of corporate governance is the development of norms and mechanisms for implementation and protection the rights of shareholders and interested persons. In such a context, corporate governance is considered in two aspects: a) as a particular subjective subsystem that has a specific organizational and management structure, whose mission is to represent the shareholder's interests in the corporation, b) institutional agreement of participants of corporate relations, which provides for the establishment of certain norms and rules (such as formal and informal) of corporate behavior, their codification at the level of society and determine the organizational means of implementation. Basing on the analysis of the ineffectiveness of current microeconomic mechanisms of optimization the system of disposal shareholder rights, which is built only in the plane of the organizational hierarchy and a vertical management within the corporation we have proved that the optimization of corporate governance as a basic institute to create a system should be based on the principles of complementary and systematical interactions at all levels of the institutional structure of society.

We defined institutional determinants that restrict opportunities to optimize the studied model: anomy as a result of conflicts between different elements of valuable-regulatory system of protection the property rights that arise from inconsistency between the formal and informal rules of corporate control; palliatives of formal institutional mechanisms.

There were produces as well the historical and theoretical reconstruction of the studied model that was localized in two periods (second half XIX - beginning of XX century and the end of XX - beginning of XXI century We detected the most significant institutional factors of its evolution, in particular: the external challenges that manifest in accelerating influences and the adoption formal rules of business culture from the world practice, the formation of the institutional structure of the economy (as a set of institutional arrangements in the economy, including the organization, legislation, forms of economic cooperation), the active state protectionist policy.

In dissertation we studied and put into scientific use concepts presented in the works of native scientists of the XIX - beginning of XX century. (I. Tarasov, A. Kaminka, S. Goldelman, S. Pahman, L. Petrazhytskiy, G. Shershenevich) in the field of corporate theory, which are considered as important prerequisites for the formation of conceptual framework of corporate governance and legal registration of the relevant legal norms. We identified institutional determinants that restrict opportunities for further optimization of the studied model and defined the role of scientific concepts within the world corporate theory as a theoretical basement to create international standards of corporate governance and factors for the development of appropriate institution.

The studies of interference of the efficiency of mechanism for realization the economic interests of participants of corporate relations and development of the institutional environment has allowed to single out the most principal traditionally established informal institutions that act as barriers to further development of the corporate governance model. We described the strategic priorities of optimization of national model of corporate governance, and in this context we paid much attention to the improving of the system of protection of property rights in accordance with international standards and taking into account the impact of historically formed informal institutions.

Keywords: corporation, corporate governance, outsider and insider model of corporate governance, institutional and evolutional analysis, the rights of shareholders, the interested persons, corporate theory, corporate social responsibility, international standards of corporate governance, institute, transparency of business.

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